How To Remove Water Rings

From How To Clean Microfiber Furniture

You may try cleaning your new microfiber sofa with soap and water, only to find that you've left rings of water on your fabric. This is not "dirt" that you just spread around that can be cleaned by using more soap and water.

I'm not sure you're going to be able to get those water marks out completely, but using a solvent based cleaner to 'clean' the water marks can indeed help. On my microfiber sofa, I've used rubbing alcohol to clean rings, and it's helped. It takes several tries though, each one helping a little bit. Don't use a lot of rubbing alcohol, just enough to dampen the fabric. Then, let it dry, see how well it worked, then repeat.